OPEC agreed to reduce oil production at its meeting in Vienna yesterday. The crude market rallied sharply immediately after that announcement, but oil prices began to decline and then fell out-of-bed as it became clear that OPEC+ members had agreed to additional voluntary cuts beginning in January. More obscure yet, the size of those cuts would be announced by each member instead of by the group.
The announced additional cuts in barrels per day were:
Saudi Arabia will extend its 1 million bpd production cut, but no more cuts.
The remaining five members made no announcement. Who do you think the cheaters are?